Seven Falls developer found guilty on all counts

Keith Vinson faces 24-26 in federal prison

Published: Friday, October 18, 2013 at 4:30 a.m.

Last Modified: Thursday, October 17, 2013 at 7:50 p.m.

ASHEVILLE -- Seven Falls developer Keith Vinson was handcuffed and escorted out of U.S. District Court in Asheville Thursday evening after being convicted of 13 fraud and conspiracy charges related to the failed golf course community.

The jury deliberated a little more than four hours before reaching a verdict. A sentencing hearing will be held at a later date, and Vinson faces 24 to 26 years based on sentencing guidelines, said Lead Prosecutor Don Gast.

Vinson, who was out of jail awaiting trial, was taken into custody after a bond hearing determined that he could be a flight risk.

A little more than six years after Arnold Palmer broke ground at the proposed luxury development, described as a “field of dreams,” Vinson was forced to take the witness stand in a plea to stay out of prison as he awaited sentencing. He did not testify during the trial.

Vinson argued that he was not a flight risk because he still has strong ties to his family, which includes an 18-year-old daughter in Asheville and a long-term girlfriend and her son in Charlotte.

The prosecution questioned Vinson about a fake email address he had created in the name of Queens Gap developer Devin McCarthy. Vinson admitted to creating the fake email address in order to placate investor and co-defendant Avery Ted “Buck” Cashion III, and said he did it “in basic terms, to shut him up. I made it up to get him off my back.”

Vinson also faced questions about a purported overseas bank account with a firm named Raigold, which has offices in California and Hong Kong. A document presented by the prosecution alleges that there was at one time more than $10 million in usable income in the account, though Vinson claimed he does not have, nor ever had, an overseas bank account.

The prosecution questioned Vinson regarding a grand larceny conviction 30 years prior and noted that his bond was allegedly revoked then because he did not adhere to the terms.

U.S. Probation Officer Robert Ferguson, who has been overseeing Vinson's pretrial release, testified during the bond hearing. Questioned by Vinson's attorney J. Clark Fischer about how Vinson has acted during his release, Ferguson replied, “He's (Vinson) done everything we've asked him to do.”

Questions about Vinson's sources of income forced the press and other non-essential court visitors outside the courtroom at one point, as details of specific items sold by Vinson during his pre-trial release were presented to the court.

Those details had been previously sealed, though U.S. Attorney Mike Savage noted that this was an open and public trial and that he did not agree with sealing the courtroom. Judge Martin Reidinger disagreed and cleared the court at 7:40 p.m. for about 5 minutes.

Immediately after Reidinger ruled to revoke Vinson's bond, noting that there were “troubling issues in the sealed documents,” Vinson pleaded with the judge, asking if he could make a few phone calls before he was taken into custody. Vinson said he wanted to call his girlfriend in Charlotte because he had driven her Ford Expedition to Asheville on Thursday and it was in the parking garage.

A U.S. marshal stepped forward and said Vinson would be allowed to make phone calls from jail.

"Vinson found out that there is a hefty price you have to pay for risking the funds of federally insured banks through fraudulent loans and transactions," U.S. Attorney Anne Tompkins said in a statement.

"A team of dedicated prosecutors and investigators worked diligently through complex evidence and presented a strong case which resulted in a guilty verdict. We hope that Vinson's conviction will bring some justice to those defrauded by him."

<p>ASHEVILLE -- Seven Falls developer Keith Vinson was handcuffed and escorted out of U.S. District Court in Asheville Thursday evening after being convicted of 13 fraud and conspiracy charges related to the failed golf course community. </p><p>The jury deliberated a little more than four hours before reaching a verdict. A sentencing hearing will be held at a later date, and Vinson faces 24 to 26 years based on sentencing guidelines, said Lead Prosecutor Don Gast.</p><p>Vinson, who was out of jail awaiting trial, was taken into custody after a bond hearing determined that he could be a flight risk. </p><p>A little more than six years after Arnold Palmer broke ground at the proposed luxury development, described as a “field of dreams,” Vinson was forced to take the witness stand in a plea to stay out of prison as he awaited sentencing. He did not testify during the trial. </p><p>Vinson argued that he was not a flight risk because he still has strong ties to his family, which includes an 18-year-old daughter in Asheville and a long-term girlfriend and her son in Charlotte. </p><p>The prosecution questioned Vinson about a fake email address he had created in the name of Queens Gap developer Devin McCarthy. Vinson admitted to creating the fake email address in order to placate investor and co-defendant Avery Ted “Buck” Cashion III, and said he did it “in basic terms, to shut him up. I made it up to get him off my back.”</p><p>Vinson also faced questions about a purported overseas bank account with a firm named Raigold, which has offices in California and Hong Kong. A document presented by the prosecution alleges that there was at one time more than $10 million in usable income in the account, though Vinson claimed he does not have, nor ever had, an overseas bank account.</p><p>The prosecution questioned Vinson regarding a grand larceny conviction 30 years prior and noted that his bond was allegedly revoked then because he did not adhere to the terms. </p><p>U.S. Probation Officer Robert Ferguson, who has been overseeing Vinson's pretrial release, testified during the bond hearing. Questioned by Vinson's attorney J. Clark Fischer about how Vinson has acted during his release, Ferguson replied, “He's (Vinson) done everything we've asked him to do.” </p><p>Questions about Vinson's sources of income forced the press and other non-essential court visitors outside the courtroom at one point, as details of specific items sold by Vinson during his pre-trial release were presented to the court.</p><p>Those details had been previously sealed, though U.S. Attorney Mike Savage noted that this was an open and public trial and that he did not agree with sealing the courtroom. Judge Martin Reidinger disagreed and cleared the court at 7:40 p.m. for about 5 minutes.</p><p>Immediately after Reidinger ruled to revoke Vinson's bond, noting that there were “troubling issues in the sealed documents,” Vinson pleaded with the judge, asking if he could make a few phone calls before he was taken into custody. Vinson said he wanted to call his girlfriend in Charlotte because he had driven her Ford Expedition to Asheville on Thursday and it was in the parking garage. </p><p>A U.S. marshal stepped forward and said Vinson would be allowed to make phone calls from jail. </p><p>"Vinson found out that there is a hefty price you have to pay for risking the funds of federally insured banks through fraudulent loans and transactions," U.S. Attorney Anne Tompkins said in a statement. </p><p>"A team of dedicated prosecutors and investigators worked diligently through complex evidence and presented a strong case which resulted in a guilty verdict. We hope that Vinson's conviction will bring some justice to those defrauded by him."</p>